New Mexico earns more than $2.4 million from cannabis tax

ALBUQUERQUE, N.M. (KRQE) – The primary month of leisure hashish gross sales in New Mexico has earned the state greater than $2.4 million in hashish excise taxes. That’s from greater than 100 retailers, in accordance with the state’s Taxation and Income Division (TRD).

Authorized leisure hashish retail gross sales started on April 1, 2022. On opening day alone, retailers bought almost $2 million value of leisure hashish. Within the first month, retailers bought simply over $22 million value. And people gross sales have been topic to a cannabis-specific excise tax.

Medical hashish gross sales to certified sufferers are exempt from the excise tax. However non-medical gross sales are at the moment topic to a 12% excise tax. That’s along with the same old gross receipts tax that companies are required to pay.

For the month of April — the primary month of gross sales — 114 retailers filed tax returns. They paid $2,422,678 in excise tax and $1,635,243 in gross receipts tax, in accordance with TRD.

“The grownup use hashish business in New Mexico clearly has gotten off to a robust begin,” Stephanie Schardin Clarke, the taxation and income secretary, mentioned in a press launch. “These receipts present the business is already diversifying our economic system and our tax base.”

The business is anticipated to broaden within the coming months as extra retailers obtain license approval from the state’s Hashish Management Division (CCD) and start gross sales. In the end, “the brand new business is projected to generate $300 million yearly in gross sales, create 11,000 jobs and herald $50 million in state income within the first 12 months alone,” in accordance with the CCD.

KRQE Information 13 expects to obtain gross sales information for the month of Might within the subsequent week or so.